Dow Rallies To Finish Higher – Acadiana Business Index
- The Dow Jones Industrial Average ended higher by 19 points to 13,597 after being down as many as 74 points in early action. The S&P 500 fell less than a point to end at 1460 and the NASDAQ finished in the red by 7 points at 3176.
- Stocks pared their losses throughout the session despite weaker-than-expected global economic data.
- Reports out of Asia showed Chinese manufacturing contracting for an 11th straight month and Japanese exports falling for a third month.
- On our shores, unemployment data fell short of expectations with weekly jobless claims coming in higher than projections.
- Five of the 10 sectors on the S&P finished lower.
- Industrial stocks were the worst performers with Caterpillar ending lower by $1.40 to $92.54 and United Technologies giving up 79 cents to $80.93.
- In other news, Starbucks rallied $1.08 to $51.19 after the company launched its proprietary brand of single serve coffees.
- Real estate website Trulia rallied $7.00 to $24.00 in their market debut after the stock priced above its anticipated offering range.
- Composite volume on the NYSE was 3.4 billion shares with declining issues besting advancers by a margin of 3-2. The NASDAQ was 5-3 negative on issues.
- Turning to fixed income, Treasuries are modestly higher with the benchmark 10-year note up 3/32 to yield 1.77%.
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